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EBRD to expand contribution to Egypt’s just energy transition by $200-300m
President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso highlighted that EBRD will expand its contribution to support Egypt’s just energy transition through a total fund of $200-300m of the public investment plan under Egypt’s NWFE program (Nexus of Food, Water and Energy), and invest up to $ 1bn in the associated renewable energy program.
Renaud-Basso announced that EBRD has endorsed Egypt’s Country Platform for NWFE under the energy pillar.
Basso made the announcement during the second edition of the Egypt-International Cooperation Forum (Egypt-ICF), which kicked off on Wednesday at the New Administrative Capital.
Over a period of 10 years, the EBRD has invested around $ 10 billion across a very wide range of sectors to generate growth and opportunities for its citizens across the country, Basso said.
She highlighted that Africa is blessed with a rich bounty of natural resources, which cannot be overlooked when it comes to combating climate change, and that public-private partnerships are urgently needed to support Africa’s energy transition.
Basso concluded by thanking and congratulating the Government of Egypt, President Abdel Fattah El Sisi, and Minister Rania Mashat on convening the international community for this important gathering, which comes ahead of Egypt’s hosting of the United Nations Climate Change Conference ( COP27) in Sharm El-Sheikh this year
This year’s Egypt-ICF and the Meeting of African Ministers of Economy, Finance and Environment, will provide a platform for governments, multilateral and bilateral development partners, philanthropic foundations, private sector, think tanks, and civil society to consider the challenges the continent is offset by and explore avenues to overcome them.
The Forum’s overall objectives include mobilization of, and access to finance, to mobilize financing and catalyze private sector investments, focused on developing countries and Africa; financing climate action, adaptation and mitigation to leverage the necessary public and private support to accelerate climate action; and providing a timely platform to explore needed national actions that would help progress towards a just and green transition.
Ahead of her visit, President Renaud-Basso said “We welcome the goal of the International Cooperation Forum, and we strongly support Egypt’s Nexus on Water, Food and Energy Program for COP27. We are proud that the EBRD is leading the energy pillar of this program, supporting Egypt’s green energy transition.
“Egypt is an energy superpower for the new world emerging from the green transition. This creates huge opportunities to shift away from reliance on gas and to open up new industries such as desalination, green hydrogen, green fertilizer or green steel,” she added.